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Codere Online
(NASDAQ:CDRO)
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Rating:69Neutral
Price Target:
$10.50
▲(15.64% Upside)
Action:Reiterated
Date:10/15/26
The score is driven primarily by improving financial performance (stronger cash generation and low leverage) and a constructive earnings update highlighted by raised guidance and margin expansion. Offsetting these positives are a high valuation multiple relative to still-thin profitability and only neutral technical momentum.
Positive Factors
Revenue and guidance growth
Strong quarterly growth and a higher full-year outlook indicate expanding demand across Codere Online’s regulated markets. Sustained customer activity, improved monetization and management’s confidence in revised targets support stronger revenue scale over the next several quarters.
Negative Factors
Thin and historically volatile profitability
Although Codere Online has reached profitability, its margin remains thin relative to revenue and follows several years of substantial losses. This limited earnings buffer makes results more sensitive to marketing, tax and operating-cost changes, leaving the turnaround less proven than the revenue growth suggests.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and guidance growth
Strong quarterly growth and a higher full-year outlook indicate expanding demand across Codere Online’s regulated markets. Sustained customer activity, improved monetization and management’s confidence in revised targets support stronger revenue scale over the next several quarters.
Read all positive factors
Codere Online (CDRO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$408.77M
Dividend YieldN/A
Average Volume (3M)26.97K
Price to Earnings (P/E)62.5
Beta (1Y)0.70
Revenue Growth6.33%
EPS Growth-150.96%
CountryUS
Employees369
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)0.13
Shares Outstanding45,469,913
10 Day Avg. Volume14,255
30 Day Avg. Volume26,972
Financial Highlights & Ratios
PEG Ratio-3.50
Price to Book (P/B)10.89
Price to Sales (P/S)1.48
P/FCF Ratio18.93
Enterprise Value/Market Cap0.87
Enterprise Value/Revenue1.54
Enterprise Value/Gross Profit1.80
Enterprise Value/Ebitda43.47
Forecast
1Y Price Target
$13.00Price Target Upside43.17% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.32
Revenue Forecast (FY)$257.40M
Codere Online Business Overview & Revenue Model
Company Description
Specializing in the digital gambling sector, Codere Online Luxembourg, S.A. provides an array of online casino games and sports betting services. Its core operational footprint spans several countries, notably Spain, Italy, Mexico, Colombia, Panam...
How the Company Makes Money
Codere Online makes money by operating real-money online gambling platforms and retaining a portion of customer wagering activity as gaming revenue. Its primary revenue streams are: (1) Online sports betting: customers place bets on sporting event...
Codere Online Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 18, 2026
Earnings Call Sentiment Positive
The call communicated broad, tangible operational and financial progress—record quarterly revenue, significant YoY growth across core markets (Spain and Mexico), improved customer engagement and monetization, raised full-year guidance, margin expansion, positive World Cup impact, and a stronger cash position with no financial debt. Offsetting items include higher gaming taxes (notably in Mexico and Colombia), regulatory uncertainty in Colombia and Spain, competitive intensity in Mexico requiring continued marketing investment, and limited near-term clarity on retention of tournament-acquired users. On balance, the positives (revenue, guidance raise, margin improvement, cash generation, market rebounds) materially outweigh the negatives, though management acknowledged several risks and areas of caution.Positive Updates
Record Quarterly Revenue and Strong YoY Growth
Consolidated net gaming revenue of EUR 69.4 million in Q2 2026, up 27% versus Q2 2025, described as the company's highest quarterly revenue to date.
Negative Updates
Higher Gaming Taxes Pressure Margins
Gaming taxes as a percent of NGR increased materially in Q2, driven primarily by Mexico and Colombia (Colombia now levying the 19% tax on gross gaming revenue), creating headwinds to profitability.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Revenue and Strong YoY Growth
Consolidated net gaming revenue of EUR 69.4 million in Q2 2026, up 27% versus Q2 2025, described as the company's highest quarterly revenue to date.
Read all positive updates
Company Guidance
Codere Online raised its full‑year 2026 guidance to net gaming revenue of EUR 255–265 million (from EUR 235–245 million) and adjusted EBITDA of EUR 20–25 million (from EUR 15–20 million), reflecting strong Q2 results (NGR EUR 69.4m, +27% YoY; adjusted EBITDA EUR 5.8m, 8.4% margin vs 4.3% LY). Key operating metrics: average monthly active customers ~173,000 (+12% YoY), average monthly spend per active customer EUR 134 (+13% YoY), ~108,000 first‑time depositors in Q2 (+37% YoY) with CAC improving to ~EUR 200 (from EUR 217). Q2 marketing was EUR 26.2m (37.7% of NGR vs 41.5% LY); casino comprised 62% of revenue, sports 38%. Balance sheet/cash metrics underpinning the outlook include ~EUR 63m total cash (EUR 58m available), EUR 6.9m cash flow generated in Q2, and a structural negative working capital of ~EUR 25m (~10% of LTM NGR). Management cited four drivers of the upgrade: removal of Colombia’s 19% VAT on deposits, Spain’s outperformance, a more rational competitive environment in Mexico, and a stronger Mexican peso (contributing >EUR 4m in H1), plus exceptional World Cup results (stakes ~EUR 63m, ~180% above 2022; unique users +56% vs 2022 excluding Colombia; ~40,000 new customers around the event).Codere Online Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
74
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 229.79M | 210.41M | 200.70M | 161.65M | 115.75M | 80.25M |
| Gross Profit | 196.22M | 185.40M | 181.92M | 144.21M | 100.45M | 73.17M |
| EBITDA | 8.14M | 5.86M | 4.72M | -14.64M | -55.32M | -24.91M |
| Net Income | 10.02M | 1.29M | 3.91M | -2.42M | -46.38M | -68.07M |
Balance Sheet | ||||||
| Total Assets | 88.66M | 80.86M | 74.54M | 73.80M | 69.31M | 105.28M |
| Cash, Cash Equivalents and Short-Term Investments | 72.87M | 59.64M | 53.80M | 51.68M | 60.58M | 98.81M |
| Total Debt | 1.90M | 3.93M | 5.37M | 5.11M | 4.95M | 2.98M |
| Total Liabilities | 50.38M | 52.16M | 50.32M | 52.51M | 44.76M | 37.12M |
| Stockholders Equity | 38.28M | 28.55M | 24.07M | 21.14M | 24.40M | 68.01M |
Cash Flow | ||||||
| Free Cash Flow | 25.51M | 16.42M | 3.69M | -11.82M | -42.52M | -5.27M |
| Operating Cash Flow | 25.66M | 16.51M | 3.94M | -11.58M | -42.36M | -5.19M |
| Investing Cash Flow | -155.65K | -85.00K | -256.00K | -245.00K | -164.00K | -83.00K |
| Financing Cash Flow | -4.76M | -4.58M | -2.04M | 1.33M | 0.00 | 89.33M |
Codere Online Technical Analysis
Negative
9.08
Price Trends
9.30
Negative
9.37
Negative
8.90
Positive
Market Momentum
-0.01
Positive
38.94
Neutral
34.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CDRO, the sentiment is Negative. The current price of 9.08 is below the 20-day moving average (MA) of 9.49, below the 50-day MA of 9.30, and above the 200-day MA of 8.90, indicating a neutral trend. The MACD of -0.01 indicates Positive momentum. The RSI at 38.94 is Neutral, neither overbought nor oversold. The STOCH value of 34.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CDRO.
Codere Online Risk Analysis
Codere Online disclosed 60 risk factors in its most recent earnings report. Codere Online reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Codere Online Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $408.77M | 62.54 | 31.40% | ― | 6.33% | -150.96% | |
65 Neutral | $3.69B | 51.76 | 20.44% | ― | 34.29% | 14.69% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
52 Neutral | $699.51M | -1.14 | -103.53% | 1.31% | 20.38% | -24.51% | |
50 Neutral | $83.56M | -10.01 | 70.68% | ― | -6.73% | -114.46% |
* Consumer Cyclical Sector Average
CDRO
Codere Online
8.99
2.43
37.04%
INSE
Inspired Entertainment
3.17
-4.87
-60.57%
RSI
Rush Street Interactive
15.90
-3.31
-17.23%
BALY
Bally's Corporation
13.86
-5.25
-27.47%
Codere Online Corporate Events
Codere Online Swings to First-Half 2026 Profit as Revenue Climbs
Sep 30, 2026
Codere Online Luxembourg, S.A. has filed a Form 6-K with the U.S. Securities and Exchange Commission dated September 30, 2026, furnishing unaudited interim condensed consolidated financial statements for the six months ended June 30, 2026. The fil...
Codere Online Strikes Multi-Year NFL Betting Partnership in Mexico
Sep 10, 2026
Codere Online has announced a landmark multi-year sponsorship agreement making it the Official Betting Partner of the National Football League in Mexico, as detailed in a press release dated September 10, 2026. The deal aligns the online operator ...
Codere Online Delivers Record Q2 2026 Results and Lifts Full-Year Guidance
Jul 30, 2026
Codere Online reported on July 30, 2026, that its preliminary unaudited second-quarter 2026 net gaming revenue rose 27% year-on-year to a record €69.4 million, with Spain and Mexico up 25% and 24% respectively and average monthly active play...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.